Alcoa Corporation has completed a transaction with private equity investment firm PARTER Capital Group, based in Schindellegi, Switzerland, to acquire Alcoa’s Spanish subsidiaries that own and operate the Avilés and La Coruña aluminum plants in Spain. The acquisition, effective immediately, includes the casthouses at both plants and the paste plant at La Coruña, which are currently in operation, and the curtailed smelters at both plants.
Under terms of the agreement, PARTER Capital Group will maintain the facilities’ entire workforce (approximately 630 employees) for a minimum of two years and has proposed reindustrialization projects for both sites and a potential restart of the plants’ smelting capacity.
Today’s transaction completes the sale of the plants in accordance with the collective dismissal agreement signed with the workers’ representatives in January 2019.
